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China bans new Bitcoin deposits

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Re: China bans new Bitcoin deposits

#31

Post by SwellJoe »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

For what it's worth, I'm looking at this as a buying opportunity. I put everything I had available into BTC during rise to $1000+ (I first invested early, so I'm just about breaking even right now, though if it drops any further, I'll be showing a loss). But, I've got a paycheck coming in soon, and it looks like prices are gonna be nice enough for me to buy a couple more BTC with that money.

I'm longterm bullish on BTC, so a low price is an opportunity to buy, not a time to beat myself up for timing the market wrong. Of course, I could be wrong in my bullishness. It could all fall apart, or one of the other cryptocoins could prove to be "the one" (though I tend to think most are just also-rans and can and should be ignored). But, I'm absolutely confident a cryptocurrency, of some sort, is absolutely the future. It's one of those unstoppable forces, I think, and as long as the number of people preferring it to USD (or other fiat currencies) keeps rising, the real value (not the exchange value) of BTC is going to keep going up. I want as much of that future as I can afford.

Re: China bans new Bitcoin deposits

#32

Post by vitobcn »

thkim wrote: post #20

This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…

I am not so sure that no governments would like to sponsor cryptocurrencies. Obviously, not states with dominant currencies for the reasons you mentioned, but I could see other countries jumping into the opportunity of altering the status quo.

Re: China bans new Bitcoin deposits

#34

Post by seanmcdirmid »

xfour wrote: post #23

Well now, let's hope after all this we can find a stable price, so people can actually use this stuff as a mechanism for transferring money, though I suppose with this China crackdown it's losing some of that appeal even. I guess we're stuck with Western Union forever, nice pivot btw. Telegrams were pretty cool though.

You do know that RMB is not fully convertible right? This is just the government cracking down on a forex loophole; you can still buy bitcoin in China with your $50K/year USD exchange limit (available to all Chinese citizens, foreigners with tax receipts). Of course, you have to take a hit on forex now.

Re: China bans new Bitcoin deposits

#35

Post by whywhywhy5 »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

If you believe in bitcoins, hold onto it.

It's only a loss if you sell it now and never buy bitcoins again, or if this is the highest price bitcoins will ever reach.

Re: China bans new Bitcoin deposits

#36

Post by SwellJoe »

thkim wrote: post #20

This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…

"Bitcoin or any other crypto-coin has real chance of adoption only when it's sponsored by government."

While I agree with your assertion that governments have no reason to support Bitcoin, I don't believe it follows that government sponsorship is necessary for the success of Bitcoin. I suspect most people betting on Bitcoin are aware that at some point, governments are going to act forcefully to kill Bitcoin, and the fallout will be utterly unpredictable.

But, I don't think it's something that can be put back in the bottle. We're crossing into uncharted waters here. Nothing like Bitcoin has ever happened before...so, we don't know how it's going to play out. I'm bullish even with the expectation that major world governments will collude with current financial elites to kill Bitcoin, because I suspect there is no way they can actually kill it.

Re: China bans new Bitcoin deposits

#37

Post by eclipxe »

pontifier wrote: post #16
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…

U.S.A. Suicide Hotline 1-800-273-TALK (8255). Remember, it's just money.

Re: China bans new Bitcoin deposits

#38

Post by SwellJoe »

vitobcn wrote: post #32
thkim wrote: post #20

This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…

I am not so sure that no governments would like to sponsor cryptocurrencies. Obviously, not states with dominant currencies for the reasons you mentioned, but I could see other countries jumping into the opportunity of altering the status quo.

This is an interesting take on it. I assumed all governments would want to destroy Bitcoin (once they see its impact), but that really only applies to nations that have a dominant currency to defend, as well as a need for inflationary debt-based currency to support massive deficit spending for war and/or empire building (so, the US, China...maybe nobody else).

Re: China bans new Bitcoin deposits

#39

Post by JumpCrisscross »

SwellJoe wrote: post #31
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

For what it's worth, I'm looking at this as a buying opportunity. I put everything I had available into BTC during rise to $1000+ (I first invested early, so I'm just about breaking even right now, though if it drops any further, I'll be showing a loss). But, I've got a paycheck coming in soon, and it looks like prices are gonna be nice enough for me to buy a couple more BTC with that money. I'm longterm bullish on B…

>I put everything I had available into BTC

Please don't do this. No matter how confident you are in your investment thesis it doesn't ever justify 100% allocation into a single asset - that implies infinite confidence.

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